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Problem $7-26$

Uncle Fred recently died and left $$320,000$ to his $55-$year$-$old favorite niece. She immediately spent $$100,000$ on a town home but decided to invest the balance for her retirement at age $65.$ What rate of return must she earn on her investment over the next $10$ years to permit her to withdraw $$60,000$ at the end of each year through age $80$ if her funds earn $12$ percent annually during retirement? Use Appendix A and Appendix D to answer the question. Round your answer to the nearest whole number.

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